New Delhi, Jul 6 (INB) The PM-Vidyalaxmi portal is providing students with a unified platform to apply for education loans and interest subvention through scheduled commercial banks, cooperative banks, regional rural banks and private banks.
The portal, developed under the Ministry of Education in collaboration with the Department of Financial Services, enables students to register, fill a common education loan application form and submit applications to banks through a single interface.
According to the portal, students can complete the loan application process in three steps — registration, filling a single application form and submitting the application to a bank based on their eligibility and requirements.
Banks update the status of loan applications on the portal, allowing applicants to track their requests online. Eligible students are also informed about interest subvention benefits, with sanctioned subsidies credited through the PM Vidyalaxmi Digital Rupee Wallet and notifications sent via SMS, email or WhatsApp.
Portal statistics displayed on the dashboard show that more than 5.12 lakh loan applications have been sanctioned, amounting to over Rs 60,975 crore, while loans worth more than Rs 18,186 crore have been disbursed. The portal also indicates that interest subvention exceeding Rs 892 crore has benefited over 4.15 lakh students.
The portal, developed under the Ministry of Education in collaboration with the Department of Financial Services, enables students to register, fill a common education loan application form and submit applications to banks through a single interface.
According to the portal, students can complete the loan application process in three steps — registration, filling a single application form and submitting the application to a bank based on their eligibility and requirements.
Banks update the status of loan applications on the portal, allowing applicants to track their requests online. Eligible students are also informed about interest subvention benefits, with sanctioned subsidies credited through the PM Vidyalaxmi Digital Rupee Wallet and notifications sent via SMS, email or WhatsApp.
Portal statistics displayed on the dashboard show that more than 5.12 lakh loan applications have been sanctioned, amounting to over Rs 60,975 crore, while loans worth more than Rs 18,186 crore have been disbursed. The portal also indicates that interest subvention exceeding Rs 892 crore has benefited over 4.15 lakh students.
